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Ahammad Parvej Khan
Keeping the double-digit growth of GDP in mind, the government is going to formulate a new economic policy.
The government, from the very outset of its new term, is making all-out efforts to bring special dynamism to economic and commercial activities, aimed at reaching the double digit growth ratio by 2021.
Soon after taking charge Finance Minister AHM Mustafa Kamal expressed his firm determination to take the economic growth to the much expected double digit level as part of the government’s target to transform the country into a developed one within the stipulated time.
The chiefs of relevant ministries, including Commerce and Planning, have also echoed the same resolution.
Well-thought-out plans will be chalked out to attract fresh investments, huge in quantity, from home and abroad, diversifying both the export markets and products, bringing down the level of nonperforming loan (NPL), encouraging banks to disburse huge SME loan, and widening tax net to increase revenue earning so that development of infrastructure can be done as per the demands.
AHM Mustafa Kamal, on his very first day at office, stressed increasing revenue collection to speed up the overall development programmes of the country.
He said he will set some priority areas to work effectively to bring reforms in the overall financial sector.
Kamal said Nonperforming Loan has turned into a culture, because it has been coming since quite a long time. The rate of NPL currently is 13 per cent. This is unbearable, he said, adding if it is 7 to 8 percent, it’s okay, but 13 per cent is too high and it will be controlled.
“We must do whatever is needed to bring down the ratio of NPL, and we must not consider any reference, nepotism in terms of allocation of credit. We will even honour the good creditors; they must be appreciated and given incentives. The bad debtors will then also come forward to become good,” Kamal added.
Referring that the Finance Ministry plays a very significant role in administering and supervising the country’s financial sector and overall development activities, he vowed to bring about more dynamism in the activities of the ministry so that speedy economic development can be ensured.
Commerce Minister Tipu Munshi said his ministry will work intensively to diversify the export market and come out of dependency on a certain number of export products.
“We must bring diversity in export products and will provide stimulus to non-traditional export items to inspire fresh exporters and popularise their products so that export earnings may go up significantly,” the Commerce Minister said.
He said the government will also make moves to narrow the existing trade gap between Bangladesh and many other countries by signing Free Trade Agreement (FTA), bilateral agreements or treaties so that foreign trade may increase as per the target.